If you are looking for software for accounting purpose, then this article is for you. There are many software applications available in the market. You can select between ready to use and custom software development. These applications come with different features and functionalities. Therefore it is difficult to make the right choice. We will help you make this choice by providing the right information.
Do I really need Software for Accounting?
First of all ask yourself if you really need software for accounting purposes. The answer may be a clear “No” because you may be a small company and there are very few transactions. If you are not raising a lot of invoices you can manage with a simple accounting system. In this case maintaining standard books is easier.
On the other hand if the answer is “Yes” then check details. First of all you should know types of accounting software before buying.
There is a difference between Accounting and Billing
Let’s understand the difference between accounting and billing software. You will find many companies who claim to be selling accounting software but they are actually billing software. The clear difference between accounting and billing software is their nature.
Billing software generates invoices. It also maintains data. You can also pull many sales related reports using this software. The features generally include Sales Report, Invoice generation, Payment Acceptance etc.
On the other hand if the answer is “Yes” then check details. First of all you should know types of accounting software before buying.
Nature of Business
Nature of business is very important. Requirement also changes with change in industry. For example billing software for shop will be different from billing software for medical store. Similarly, billing software for retail store will be different from billing software for grocery stores.
And if you need complete accounting software it will change further. Ask these questions before buying the software application.
Types of Software Applications
There are two common types of software applications available in the market. Let’s understand one by one. Due to this selecting best accounting software for small business will become easy.
Ready to use accounting software
Ready to use accounting software comes with most common features. Companies do research on what customers want and develop software applications. Every software development company has a point of view on software development. Features may be different but the objective is to make maximum profit. Due to this important features are added or removed from the software development process. Additionally, the efficiency also depends on the development skills of the team. Some of the most famous ready to use applications come from Tally and Zoho.
Why buy Ready to use software?
First of all, ready to use software applications are cost effective.
They also come with user manuals or training.
These are cost effective and also come with monthly payment schemes.
Custom Accounting Software Development
Custom software development keeps you safe from complexities. In this case development happens with your requirements. You can give clear instructions of what you want and get the software. These applications are good, light weight and fewer complexes. You need a good custom software development company for this. You only need to plan in advance to ensure the final product is amazing. Cost of software also depends on features you want.
Why buy Custom Software for Accounting?
When you buy Custom Software you also decide the features. Unlike ready to use software applications, customized software offer total control.
You can set your own limitations.
These applications are light weight because there are no unwanted features.
Less complex software increases efficiency.
The code has branding of your company.
Above all, you can resell the source code or software if needed.
Cost of billing software
Cost of billing software depends on many factors. Every software company has a pricing strategy so the price varies. Additionally, if you go with custom software development then the price is completely dependent on your requirement. They just bill you on the number of hours.